BUSINESS

SBP Issues Regulations Amid ATM Hacking Incidents

The State Bank of Pakistan issues specific regulations amid recent ATM hacking incidents.

After these new instructions banks are supposed to develop and implement risk assessment, implementation of controls and monitoring framework.

The SBP said that debit cards with magnetic strip, stores custom's account detail are particularly vulnerable to skimming and cloning.

Debit cards, complying with Europay Master Card visa standards, featuring a chip and offering two-factor authentication are now considered most effective countermeasure for card cloning through skimming globally.

Banks are required to develop infrastructure for EMV compliance and issue cards by 30th June 2018.